Execution Policy
This policy explains how MiroNext prices and executes orders on its internal (broker) trading accounts. Every rule below applies in the same way to profits and losses, to every client, and to demo and real accounts alike.
1. Scope and counterparty
This policy applies to MiroNext internal trading accounts, both demo and real. On these accounts MiroNext is the counterparty to your trades: your positions are executed in, and held in, the MiroNext book and are not forwarded to an external market. This means MiroNext may profit when you lose and may lose when you profit. Demo accounts use the same engine and rules, but no real money is involved. Because MiroNext is your counterparty and does not route orders to other venues, it does not offer 'best execution' in the sense of searching external markets for a better price. Instead it commits to the rules in this policy: one disclosed price source, the same delay for everyone, and rules that work the same way whether a price move helps or hurts you.
2. Price source
All prices and spreads come from a single price feed taken from one MT5 demo server (WMMarkets). MiroNext does not use a second reference feed. Our quoted spread is the feed spread multiplied by a published factor and never above the maximum spread published for each symbol. If the feed is unhealthy, the affected symbol is switched to close-only or halted until the feed recovers.
3. Order processing and uniform delay
Every order is received, queued and processed after the same fixed delay, currently 200 milliseconds. The delay is identical for all clients, including copied orders, and is never shortened for anyone. You receive a confirmation of acceptance first, and the execution result follows once the order has been processed.
4. Quote freshness and off-quotes
Your order carries the price and the time of the quote you saw. An order is rejected with an off-quotes result, in either direction, when: the server quote is older than 1 second (2 seconds for crypto); when you open a position, the quote you saw is more than 750 milliseconds older than the server quote (when you close one, up to 2 seconds is accepted and the close always fills at the current server price); your quote time is in the future; the order waited more than 5 seconds before processing; the price feed is under a spike check; or the price needed to convert profit into USD is older than 60 seconds. Stop-loss, take-profit, stop-out and pending orders are triggered by validated ticks only.
5. Symmetric requotes and price improvement
When your order is processed, the current price (ask for a buy, bid for a sell) is compared with the price you requested. If the difference is within your allowed deviation, the order is filled at the current price, so any improvement in price goes to you. If the difference is larger, in either direction, the order is requoted. Slippage is therefore treated the same whether it would help or hurt you.
6. Spread and leverage windows
In the following windows the spread is multiplied (typically 3 to 10 times, by symbol class) and leverage is reduced: (a) high-impact news: from 15 minutes before to 2 minutes after the release, new positions get half leverage; (b) Friday, the last 2 hours before the weekly close: spread multiplied and half leverage on new and open positions, with margin recalculated at that moment (you are notified 3 hours and 2 hours before, and a margin call may follow); (c) daily rollover, from 5 minutes before to 10 minutes after; (d) the first 5 minutes after the weekly open. Crypto has a news window for major US-dollar events only and no Friday window; the weekend margin rule below still applies.
7. Leverage caps and tiers
Maximum leverage follows ESMA-style caps by instrument class, from 30:1 for major currency pairs down to 2:1 for crypto. Effective leverage is the lower of the cap and an equity tier, multiplied by any window factor: equity up to 20,000 USD keeps the cap, above 20,000 up to 100,000 USD gets half of the cap, and above 100,000 USD gets a quarter. Positions in one symbol with a notional above 1,000,000 USD per account get half leverage. New orders must also fit your free margin, the size limit and the per-symbol lot limit; the platform may disable the dominant direction in a symbol when its total exposure is too large.
8. Triggers, gaps and bad ticks
Buy limit, buy stop and the stop-loss / take-profit of sell positions trigger on the ask price; all others trigger on the bid. If price gaps over a stop, limit, stop-loss or take-profit, the order is filled at the first clean price after the gap, which can be better or worse than your level. Obviously faulty ticks are filtered and never fill or trigger anything. If a trade is later proven to have been filled on a faulty tick, a correction is applied in either direction, in your favour or against you.
9. Margin call, stop-out and negative balance
When your margin level (equity plus credit, divided by used margin) falls to 100%, you cannot open new positions (margin call). At 50%, stop-out begins: the largest losing position is closed first, and the level is re-checked until it is above 50% or you are flat. If your own equity reaches zero, all positions are closed and any credit is removed. While a symbol's market is closed its positions are frozen at the last clean price and are not liquidated; if the level stays low, they are closed at the first price after reopening. If an account balance turns negative after a stop-out, it is reset to zero (negative balance protection), subject to the limits in the Trading Terms.
10. Swap and swap-free accounts
Positions held through the daily rollover pay or receive swap; on currency pairs, metals and indices it is charged at triple rate on Wednesday, and for crypto daily including weekends. Swap-free status cannot be chosen by the client: you may request it and it takes effect only when approved. On a swap-free account, after a grace period (3 days for crypto, 7 days for the other symbols) a storage fee per lot is charged each night instead of swap.
11. Copy trading on MiroNext accounts
When you copy a trader onto a MiroNext account, MiroNext is the counterparty to your copied trades. The price at which the trader traded is a reference only; your copy is filled at the MiroNext price when it is processed. If that price is within 0.05% of the trader's entry (or better for you), the copy opens at the current price; if it is worse by more than 0.05% and up to 0.2%, the order may wait as a limit order at the trader's entry price for up to 60 minutes; beyond 0.2%, or with no valid price, the copy is skipped. Copied orders obey the same delay, windows, leverage and margin rules as any other order, and are skipped and recorded, with the reason shown to you, when for example the symbol is unavailable, the trader set no stop-loss, your risk settings give a size below the minimum lot, the signal is too old, margin is insufficient, your loss limit is reached, your account is restricted, copying is paused, the platform risk limit for that trader or symbol is full (applied equally to all followers), or identity verification is required. Your copied positions follow the trader's closing and stop-loss / take-profit changes while you stay connected. If you disconnect or pause, pending copy orders are cancelled and open positions remain yours: they are not closed automatically and you manage them yourself. After a stop-out or margin call your copy connection pauses and must be resumed manually. MiroNext may remove a trader from internal copy at any time; existing positions stay closable.
12. Limits and changes
A user may hold up to 3 real accounts. Each order and each symbol has lot limits, and an account may have up to 50 pending orders. Some values in this policy are administrator settings with fixed lower or upper bounds; if they are tightened, this policy will be updated. Trading carries a high risk of losing money and past results do not guarantee future results.
13. Order types and fills
You can place market orders, buy limit, sell limit, buy stop and sell stop orders, and attach a stop-loss and a take-profit to a position or a pending order. A pending order stays until it triggers or you cancel it or, if you choose a 'day' expiry, until the end of the trading session in server time. Every order is filled for its full volume at one price or not at all; orders are never partly filled. You can close a position fully or partly; a partial close follows the same price and minimum-holding rules as a full close.
14. Trading sessions and holidays
Each symbol can be traded only during its trading session, shown in the terminal; crypto trades every day. Outside the session, on weekends and on market holidays, market orders on that symbol are not accepted, open positions keep their last clean price and are not stopped out, and pending orders, stop-losses and take-profits do not trigger. When the market reopens, orders and stops whose level was passed are filled at the first available clean price, under the gap rule in section 8. Swap is applied at the daily rollover at server midnight.
15. Latency arbitrage, automation and abuse
Trading must use the MiroNext website or apps; expert advisors, scripts and API trading are not allowed. MiroNext monitors for automation, for latency arbitrage (repeatedly profiting from price moves within about half a second of a jump in the price feed and closing quickly), for coordinated trading between linked accounts and for trades filled on faulty prices. These checks lead to a review, never to automatic confiscation: during a review MiroNext may hold the related profit, apply stricter request limits or restrict the account to close-only, and it reverses a result only on evidence. The same rules apply to every client, and execution quality never depends on how a client is classified.
16. Suspension of trading
To protect clients and the platform, MiroNext may suspend new orders without notice: for one symbol or for all symbols (kill switch), platform-wide when the daily loss limit of the house book is reached (circuit breaker), for a symbol whose price feed is unhealthy (close-only or halted), or in one direction on a symbol whose house exposure has reached its limit. A suspension does not close your positions; while it lasts you can still close positions and modify or cancel stop-loss, take-profit and pending orders wherever a valid price is available. Opening new accounts, deposits and withdrawals may also be paused during a kill switch.
17. Related terms and contact
This policy forms part of the MiroNext Trading Terms, which set out holding times, the fast-profit review, withdrawals, bonuses and negative balance protection; please read both. MiroNext may update this policy; the date at the top of this page shows the current version and the published version applies from its effective date. Questions or complaints about the execution of an order can be sent to MiroNext support through the website or the Telegram support channel.
